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Gold Touches $1,810 mark Ahead of U.S. Fed Chair Powell’s Testimony, High Volatility Likely in U.S. dollar During U.S. Session; Jan 11, 2022

U.S. Fed Chair Powell’s Testimony

Today the key event for the day will be U.S. Fed Chair Powell’s Nomination Hearing scheduled at 1500 GMT/2030 IST. As head of the Central Bank, which controls short term interest rates, he has more influence over the nation’s currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

Today source released Testimony text 17 hours earlier than scheduled. Let’s check out the few comments by him. According to the released remarks, Powell will pledge to prevent high inflation from becoming “entrenched,” but he had not mentioned any path for the future economy.

  • Fed’s Powell – The economy has rapidly gained strength despite ongoing pandemic, and is giving rise to elevated inflation.
  • Fed’s Powell – The economy is growing at it but s fastest rate in years, and the labour market is robust.
  • Fed’ Powell – Fed will stop higher inflation from getting entrenched.

The committee will hold a question and answer session. Since the questions are not known beforehand they can make for some unscripted moments that lead to heavy market volatility;

Let’s Have a Look on Full Text Version of the Testimony:

https://www.federalreserve.gov/newsevents/testimony/powell20220111a.htm

Technical View:

XAU/USD (Gold):

  • The Gold strengthens on Tuesday and hovers around $1,810 mark.
  • Today pair made intraday high at $1,810 and low at $1,800 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,811 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,800 will check further supports.
SUPPORTS RESISTANCES
$1,799 $1,814
$1,792 $1,820
$1,786 $1,824
$1,781 $1,827
$1,776 $1,832

Take a look and do trade wisely!
Good Luck

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